"'For us, this film does not constitute a biographical work but portrays only a part of her life and has been pointlessly glamorized and contains important historical inaccuracies as well as scenes of pure fiction.”

The U.S.-born Grace Kelly was one of the most famous film stars in the world at that time -- starring in and helping to immortalize such iconic films as Dial M for Murder, Rear Window and To Catch a Thief -- until she wed Albert's father, Prince Rainier, in 1956 and left Hollywood behind. She then became known as Princess Grace.

Oscar-winner Kidman, herself an acclaimed actress and red-carpet fashion icon, recently explained her involvement in Grace of Monaco: "What really interested me about this film is how it covers Grace's transition from film star to princess in 1962. It reveals her great humanity but also her fears and frailties as she leaves her career behind.”

The film also focuses on Kelly's life as a young princess in Monaco and is due for release in 2014.